Market may remain volatile

The market is likely to witness sideways movement on the back of a strong intra-day volatile move. Stocks across the sectors along with heavyweights may gyrate sharply. Overnight marginal gain in the US indices and weak Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 3520-3550 levels and the downside strong support at 3450-3400, while the Sensex could test higher levels of 11450 and has a likely support at 11200.

US indices ended higher on Friday, with the Dow Jones gaining 119 points to close at 8076 and the Nasdaq ended 42 points higher at 1694.

Most of the Indian ADRs traded firm on the US bourses. Rediff led the pack with gains of 6.16% while Tata Motors, Patni Computers, ICICI Bank, HDFC Bank, Wipro and Infosys gained around 1-5% each. However, Satyam, Dr Reddy's Lab, and VSNL slipped around 1-4% each

Crude oil prices in the US market edged higher, with the Nymex light crude oil for June delivery up by $1.63 to close at $50.48 per barrel. In the commodity segment, the Comex gold for April series gained by $7.50 to settle at $914.10 an ounce.